Australia Names First Woman to Lead Central Bank

Australia's central bank says it will be led by a woman for the first time since it was founded in 1960. Michele Bullock will succeed Philip Lowe, who is coming to the end of a seven-year term as governor of the Reserve Bank of Australia (RBA).

Her appointment comes as the country has been battling rising prices and the RBA is facing a major shakeup, the BBC said Friday. It has raised interest rates to their highest level in over a decade in a bid to tackle inflation.

The Australian financial services industry is male-dominated and has one of the nation's widest gender pay gaps. Bullock, who is currently the RBA's deputy governor, is due to start her seven-year term as governor on Sept 18.

"It is a challenging time to be coming into this role, but I will be supported by a strong executive team and boards," Bullock said in a statement on Friday.

"I am committed to ensuring that the Reserve Bank delivers on its policy and operational objectives for the benefit of the Australian people," she added.